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Bitcoin [BTC] will bounce back next year after adoption of accompanying products, says BitPay CCO

Anirudh VK

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Bitcoin [BTC] will bounce back next year after adoption of accompanying products, says BitPay CCO
Source: Unsplash

Sunny Singh, the CCO of BitPay, recently appeared on Bloomberg to speak about the cryptocurrency market, and whether Bitcoin [BTC] has found the bottom in price. He also spoke about regulatory atmospheres around the world and on the general downturn of Bitcoin.

When asked about whether the market has found its bottom, he stated that it was “hard to say”, as it is looking for a “catalyst” to drive the price. Singh went on to say that right now rumors are being spread regarding infrastructure being built. However, he had a positive outlook on the near future, stating:

“I think next year you will the big entrants become real. If you see Goldman [Sachs] does launch a trading desk, Fidelity does launch a Bitcoin product, Square does offer Bitcoin processing for merchants, Blackrock does launch an ETF. All that will become real and then you’ll see some adoption actually and then you’ll see the price start bouncing back up again.”

Singh added that the price was going to focus on rumors and fluctuate until the market sees actual adoption. This statement comes after Bitcoin’s price dropped after Goldman Sachs denied, and later rescinded, their involvement in offering a trading desk for Bitcoin.

However, the industry itself has seen a lot of bullish news recently, with signs of infrastructure being built for Bitcoin. This includes events such as more players in the custody market like Bitgo, the announcement of Bakkt by the InterContinental Exchange, and the issuance of a regulated stablecoin by the Gemini brothers.



Notably, Singh also gave his comments on whether he believed that the ICO market gives cryptocurrencies a bad name. He stated that it has always been the case with them and that trading exchanges are not very regulated. He went on to recall events from the last year, where getting an ICO token listed on Binance or Bittrex could increase market valuation to a “million dollars”. He stated:

“Now that they’re [investors] seeing Bitcoin’s price drop, ICOs are no longer in favour they’re down 95%. People aren’t trading ICOs much anymore, people are still trading Bitcoin and a lot of other stuff actually. The ICO market is going to be in a lot of trouble, actually. A lot of the ICOs won’t make it back to where they were 8 months ago.”

On the general state of investor sentiment in the cryptocurrency market, Singh that a lot of people in the industry have “never been more bullish”. He further added that business was great, and everyone is going “full speed ahead”. However, he stated:

“The issue is in the altcoins, they will never come back I believe, in the same way Bitcoin will come back. Fidelity, blackrock they’re not launching altcoin products, they’re launching Bitcoin products. So Bitcoin is going to rebound next year, when all these products are mainstream adopted…it’s still full speed ahead in the bitcoin space, but I can’t guarantee what’s going to happen in the altcoin world.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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